News release

Financing secured for newly-built, Class A Little Italy apartments

JLL Capital Markets arranged the $24.5M bridge financing for the Cielo apartments in Downtown San Diego 

June 14, 2021

SAN DIEGO, June 14, 2021 – JLL Capital Markets announced today it secured a $24.5 million financing for Cielo, a Class A, mid-rise multi-housing property located in Little Italy, San Diego, California.

JLL worked on behalf of the borrower, Built Development, to secure the floating-rate bridge financing through a correspondent life insurance company. In 2014, the sponsor acquired the land, then upon receiving entitlements, broke ground in 2018 and completed the property in January 2021. The loan will be used to pay off the borrower’s existing construction loan and provide cash out.

Cielo totals 63,500 rentable square feet and consists of 70 studio, one- and two-bedroom units. Standing eight stories high, the property features private balconies and terraces, in-unit washers and dryers, stainless steel appliances and modern finishes throughout the units and was built using Type 1 construction. Cielo’s community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations.

The property is located at 915 W. Grape St. in the desirable Little Italy neighborhood. Positioned in the heart of Downtown San Diego, Cielo is positioned in between the San Diego Airport, the San Diego Zoo, Waterfront Park and the USS Midway Museum. Additionally, Cielo is walkable to the ocean and various neighborhood amenities, boasting a Walk Score of 95®, and allows direct vehicular access to the I-5 Freeway.

According to JLL’s latest Multi-Housing Outlook, the San Diego market has experienced year-over-year gains in both occupancy and effective rent, despite a slight drop seen in Q2 2020 during the pandemic. The local market recovered almost immediately in Q3, nearly matchingQ1 2020.

The JLL Capital Markets team representing the borrower was led by Managing Director Jeff Sause, Director Christopher Collins and Analyst Chad Morgan.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                          

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit